The golden age of "easy" credit card rewards is hitting a wall. Honestly, if you haven't checked your wallet since the ball dropped on New Year's, you’re probably losing money.
Banks are getting aggressive. Not just "here’s a new shiny card" aggressive, but "we’re rewriting the rules of the game" aggressive. We are seeing a massive shift in how rewards are earned, particularly with the January 2026 launch of the Bilt 2.0 lineup and some pretty brutal changes to lounge access policies at Capital One and Chase.
It's a lot to keep track of.
The Bilt 2.0 Shakeup: Mortgages are Finally in Play
Let's talk about the biggest news of the week. Bilt Rewards just dropped their "Bilt 2.0" lineup, and it’s kind of a big deal for homeowners. For years, the original Bilt card was the "rent card."
Now? They’ve added the ability to earn points on mortgage payments.
They launched three distinct tiers on January 14, 2026: the Blue Card (no annual fee), the Obsidian Card ($95), and the heavy-hitter Palladium Card ($495). The Palladium is actually Bilt’s first real stab at a premium "luxury" card. It comes with a 50,000-point welcome bonus after you spend $4,000 in three months.
That’s a huge shift.
Bilt points are currently valued at roughly 2.2 cents each by experts like The Points Guy, making that bonus worth about $1,100. But here is the catch: to earn points on your mortgage without fees, you have to use "Bilt Cash," which you earn on everyday spending. Basically, they want you to use the card for everything, not just your housing payment.
Airport Lounges are Becoming an Exclusive (and Expensive) Club
If you’ve been to an airport lately, you know the lounges are packed. It’s like a crowded Starbucks but with free lukewarm eggs.
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To fix this, the big players are pulling the rug out from under "guest" access. Starting January 15, 2026, the Ritz-Carlton™ Credit Card—a cult favorite among points nerds—ended its legendary "unlimited guests" policy. You now get two guests. That’s it.
Capital One is being even harsher.
On February 1, 2026, the Venture X is losing free guest access and free authorized user access. If you want to bring a friend into the lounge and you haven't spent $75,000 on the card this year, it’s going to cost you $45 per person. Even adding your spouse as an authorized user will now cost $125 a year.
It feels like a slap in the face to families who got the card specifically for the travel perks.
The "Great Devaluation" of 2026
We need to be real about inflation. Not just at the grocery store, but in your rewards portal.
Ted Rossman at Bankrate recently pointed out a "stealth devaluation" that most people ignore: category caps. Look at the American Express Blue Cash Preferred. It gives you 6% back on groceries, but only on the first $6,000 you spend.
That $6,000 cap hasn't changed since 2013.
In 2013, $6,000 bought a lot more eggs and milk than it does in 2026. By keeping the cap the same, Amex is effectively giving you less value every single year. We’re seeing this across the board. Banks aren't necessarily lowering the percentages, they're just making sure those percentages apply to a smaller "real" value of goods.
Bank of America’s Big Rebrand
Keep an eye on May 2026. Bank of America is scrapping the "Preferred Rewards" name and moving to "BofA Rewards."
The tiers are getting a facelift:
- Member: Under $30,000 in assets.
- Preferred Plus: $30,000 to $99,999.
- Preferred Honors: $100,000 to $999,999.
- Premier: $1 million plus.
The big question is whether they will keep the 75% rewards boost for the "Honors" tier. That boost is the only reason many people keep $100k in a Merrill Lynch account. If that disappears, the mass exodus will be legendary.
What You Should Actually Do Now
Don't just sit on your points. "Earn and burn" is the mantra for 2026.
If you have a massive stash of Chase Ultimate Rewards or Amex Membership Rewards, find a trip and book it. Points never gain value; they only lose it as airlines and hotels "re-price" their award charts.
Check your annual fees. If you’re a Venture X holder and you don't spend $75,000 a year, that card just became much less valuable for your family. It might be time to look at the Chase Sapphire Reserve or even the new Citi Strata Elite, which is trying to claw back market share with a $595 fee and aggressive travel credits.
The math has changed. Your strategy should too.
Actionable Next Steps
- Audit your authorized users: Before February 1, remove any authorized users on your Capital One Venture X if they don't travel solo often. It’ll save you $125 per person.
- Review your Bilt status: If you’re a renter or homeowner, look at the new Bilt 2.0 tiers before the January 30 transition deadline to see if the Palladium’s $400 hotel credit offsets its $495 fee for your lifestyle.
- Check your grocery spend: If you hit the $6,000 cap on an Amex Gold or Blue Cash Preferred by June, have a "backup" card ready that earns more than 1% for the rest of the year.
- Empty the "Point Bank": Aim to use at least 50% of your current points balance by the end of Q3 to hedge against the devaluations expected in the second half of the year.